Ak Investment, a wholly owned subsidiary of Akbank, has officially applied for a partnership with cryptocurrency exchange Stabilex.
Turkish Bank Wants to Take Control of Stablex
Ak Investment owns 100% of the company’s shares. The company’s latest partnership with Binance solidified its interest in crypto as the duo began direct money transfers to Turkish lira. According to Dunya, Ak Yatrm Menkul Değerler will own the majority of Stablex Bilişim Teknoloji A.S. stock.
The publication reveals that the parties have been negotiating since last year. However, they still need to reach an agreement and get formal approval from the regulators. First meetings between Akbank and Stablex began in August last year. Akbank’s Assistant General Manager (COO), Turgut Güney, the CEO of Stablex, from 2011 until 2017 worked as the bank’s chief operating officer for technology and operations.
Based in Istanbul, Stablex acts as an intermediary for cryptocurrency trading in Turkish lira. The company was founded by Jihad Shanak in May 2020 with a capital of 7.6 million Turkish lira. Additionally, Jihad Shannak is the Turkish branch of Orion Investment based in Dubai, Noor Capital Market Menkul Degerler A.S. and Orion Investment Menkul Degerler A.S.
According to the 2022 Geography of Cryptocurrency report by blockchain and cryptocurrency analysis firm Chainalysis, Turkey supports crypto industry. According to data from Chainalysis’ Global Crypto Adaptation Index, Turkey ranks 12th out of 154 countries.
Bitfinex
Cryptocurrency exchange Bitfinex also announced that it will launch services in Turkey on March 17. The move is expected to have a positive impact on the exchange and its users. The crypto exchange may begin offering services in Turkey in the coming weeks, allowing local customers to trade cryptocurrencies with low barriers to entry.
The news comes at a time of turmoil for banks, especially in the United States. Several banking institutions, including Signature Bank and Silvergate, have collapsed, sparking a surge in cryptocurrencies and Bitcoin (BTC) this week.
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